Trian Calls on Solventum's Board to Create Value; Publishes Open Letter and Slide Deck

Solventum's Spin-Out from 3M has Maximized Executive Compensation, Not Shareholder Value

Outlines Three Initiatives to Improve Performance and Drive Value Creation at Solventum

NEW YORK, April 30, 2026 (GLOBE NEWSWIRE) -- Trian Fund Management, L.P. (“Trian”), which beneficially owns nearly 5% of Solventum Corporation’s common stock (NYSE: SOLV) (“Solventum” or the “Company”) and is one of the Company’s largest active shareholders, today published an open letter to the Solventum Board of Directors (the "Board") and an accompanying slide deck arguing that the Company continues to be significantly under-managed following its spin-out from 3M – and outlining three immediately actionable initiatives to restore performance and prioritize shareholder value creation.

Trian believes Solventum's spin-out has been managed in a way that has maximized executive compensation, not shareholder value. When Solventum separated from 3M, management took one of the biggest performance resets of any U.S. spin-off in the last decade, erasing $13 billion in shareholder value relative to the $25 billion market capitalization analysts had projected at spin. The CEO has since been paid more than $80 million in just over two years – all in the context of a company with just a $12 billion market capitalization that has not delivered any return for shareholders.

Despite Trian’s efforts to engage constructively with the Board, Solventum has so far not taken action to drive shareholder value creation or add independent shareholder representation to the Board. Trian has heard from several large shareholders over recent weeks who have expressed their frustration with where the Company is today.

Trian believes Solventum would be a considerably more valuable company today if the Board and management are willing to take steps to realize its potential, including:

1. Right-sizing overhead costs, driving net productivity and reinvesting in growth in order to reach (and exceed) performance levels Solventum delivered inside of 3M
2. Simplifying its portfolio and divesting non-core businesses, starting with the immediate separation of the Health Information Systems (“HIS”) business
3. Improving capital allocation by prioritizing share repurchases at current levels
   
   

Trian’s full letter and accompanying slides are available to view online at: https://trianpartners.com/wp-content/uploads/2026/04/Trian-Calls-on-Solventums-Board-to-Create-Value_-Publishes-Open-Letter-and-Slide-Deck-Combined-Wrap-Letter-Slides.pdf 

About Trian Fund Management
Founded in 2005, Trian is a multi-billion dollar investment management firm. Trian is a highly engaged shareholder, bringing an entrepreneurial spirit, deep operational expertise, and an ownership mentality to its public and private investments. Leveraging the 50+ years’ operating experience of our Founding Partners, Nelson Peltz and Peter May, Trian seeks to invest in high quality companies with untapped potential. Trian works with management teams and boards to help companies execute operational and strategic initiatives designed to drive long-term shareholder value. For more: www.trianpartners.com

Media Contacts:
Anne A. Tarbell
(212) 451-3030
atarbell@trianpartners.com

Paul Caminiti / Jacqueline Zuhse / Erin Craig
Reevemark
(212) 433-4600
Trian@reevemark.com

Investor Contact:
Matt Underhill
(212) 451-3171
munderhill@trianpartners.com

Disclaimer

Except as otherwise set forth in this press release or the accompanying letter and presentation, the views expressed reflect the opinions of Trian Fund Management, L.P. and its affiliates (“Trian”), and are based on publicly available information with respect to Solventum Corporation (the “Company”). Please see the disclaimers in the accompanying presentation for important information regarding Trian’s analyses and views. Trian recognizes that there may be confidential information in the possession of the Company that could lead it or others to disagree with Trian’s conclusions. Trian reserves the right to change any of its opinions expressed herein at any time as it deems appropriate and disclaims any obligation to notify the market or any other party of any such change, except as required by law. Trian disclaims any obligation to update the information or opinions contained in this press release or the accompanying letter and presentation. For the avoidance of doubt, this press release, letter, and presentation is not affiliated with or endorsed by the Company.

This press release, accompanying letter and presentation are provided merely as information and is not intended to be, nor should it be construed as, an offer to sell or a solicitation of an offer to buy any security nor as a recommendation to purchase or sell any security. This press release, accompanying letter and presentation do not constitute a solicitation of proxies and are not being made in connection with any proxy contest or director nomination. Funds managed by Trian currently beneficially own nearly 5% of the outstanding shares of the Company. These funds are in the business of trading – buying and selling– securities and intend to continue trading in the securities of the Company. You should assume such funds may from time to time sell all or a portion of their holdings of the Company in open market transactions or otherwise (including via short sales), buy additional shares (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls, swaps or other derivative instruments relating to such shares.

Some of the materials in this press release, accompanying letter and presentation, contain forward-looking statements. All statements contained herein that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words “anticipate,” “believe,” “expect,” “potential,” “could,” “opportunity,” “estimate,” “plan,” and similar expressions are generally intended to identify forward-looking statements. The projected results and statements contained herein that are not historical facts are based on current expectations, speak only as of the date of these materials and involve risks, uncertainties and other factors that may cause actual results, performances or achievements to be materially different from any future results, performances or achievements expressed or implied by such projected results and statements. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Trian.

Certain financial projections and statements made herein have been derived or obtained from filings made with the Securities and Exchange Commission (“SEC”) or other regulatory authorities and from other third-party reports. Trian shall not be responsible or have any liability for any misinformation contained in any third-party, SEC or other regulatory filing or third-party report.

There is no assurance or guarantee with respect to the prices at which any securities of the Company will trade, and such securities may not trade at prices that may be implied herein. The estimates, projections and potential impact of the opportunities identified by Trian herein are based on assumptions that Trian believes to be reasonable as of the date of this press release, letter, and presentation, but there can be no assurance or guarantee (i) that any of the proposed actions set forth in this information will be completed, (ii) that the actual results or performance of the Company will not differ, and such differences may be material, or (iii) that any of the assumptions provided in this press release and accompanying letter and presentation are accurate. Neither the press release nor the accompanying letter and presentation recommend the purchase or sale of any security.

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